Court of Verona - decision on Bitcoin

The Court of Verona stated that the "the purchase of cryptocurrencies (i.e. Bitcoins) - which should be classified as financial instruments - is a transaction that can be defined as highly risky for the investor, therefore obliging those who advertise the sale, on their own or on behalf of third parties, to inform the user in advance about the risks associated with the investment (so-called pre-contractual information), as established by articles 67 et seq. of the Consumer Code with regard to the distance marketing of consumer financial services; in particular, the promoter of the sales transaction is required to apply the stricter provisions of the sectoral legislation governing the offer of the concerned service or product" (January 24th, 2017)239.